SMOG

VanEck Low Carbon Energy ETF

VanEck Vectors Global Alternative Energy ETF seeks investment results that correspond to the price and yield of the Ardour Global Index, which tracks companies primarily engaged in the business of alternative energy.


Global

EQUITY

Rules-Based

MANAGEMENT STYLE

61 bp

EXPENSES

$136.5 M

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorVan Eck Associates Corp
CategoryGlobal
Asset classEquity
Websitelink...
Inception dateApr 26, 2007
Assets (mns)$137
Expense ratio61 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selectionMarket Cap
WeightingMarket Cap
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
TESLA MOTORS INC 10.7 %
NEXTERA ENERGY GROUP 8.1 %
IBERDROLA SA 6.6 %
ENEL SPA 6.5 %
BYD CO LTD-H 5.9 %
VESTAS WIND SYSTEMS A/S 5.1 %
FIRST SOLAR INC 3.7 %
SAMSUNG SDI CO LTD 3.5 %
LI AUTO, INC. SPONSORED ADR CLASS A 3.1 %
ENPHASE ENERGY INC 2.9 %
Constituent Breakdown
Number of holdings73
Herfindahl-Hirschman Index 445
Wgt avg mkt cap (mns)$98,829
Large cap (>$10bn)71.5%
Mid cap ($2-10bn)25.2%
Small cap (<$2bn)3.1%
Developed mkts.77.2%
Emerging mkts.22.8%
Country Exposure
UNITED STATES 39.0 %
CHINA 13.9 %
DENMARK 8.7 %
SPAIN 8.4 %
ITALY 6.8 %
SOUTH KOREA 4.0 %
BRAZIL 3.1 %
NEW ZEALAND 2.7 %
IRELAND 2.6 %
CANADA 2.5 %
Historical Performance


Standardized Performance (as of 06/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns -13.9% -20.8% -11.4% -15.2% 8.7% 4.5% 6.0%
Volatility 20.3% 22.0% 24.9% 26.8% 30.7% 25.7% --
Market Correlations
versus...BetaR-squared
S&P 5001.1754%
MSCI EAFE1.1952%
MSCI Emg Mkts1.1046%
Liquidity Measures
Avg. volume (000)2
Turnover0.2%
Avg. Bid/Ask (% of price)0.68%
ADV of underlying (mns)$27,245
Technical Indicators
Recent close$102.35
30d moving avg.$102.00
Annualized volatility28.7%
Relative strength (RSI)54
Short interest (ETF)0.0%
Short interest (underlying)0.0%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

Risk and Returns: SMOG vs. Comps (1 YR)

Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.

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Results & Estimates
  2019 2020 2021 2022 2023 2024E 2025E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Book value per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2023 2024E Fwd Est 2025E
Price-to-sales --x --x --x --x
Price-to-earnings --x --x --x --x
Price-to-cash flow --x --x --x --x
Price-to-growth --x --x --x --x
Price-to-book value --x --x --x --x
Yield --% --% --x --%
1.3 20.2 2.1 2.3% --
Based on closing prices from 7/19/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
SMOG



Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.

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ETF Research Center Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

SMOG

2.7%

Cat. Avg

4.0%

Fund Category: Global

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™2.7%
Recommendation

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

Category Overview
There are 352 funds in the Global category, with an average ALTAR Score™ of 4.0% and a standard deviation of 4.8%. SMOG's ALTAR Score™ is approximately 0.3 standard deviations below the category average. This places SMOG in the 40th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
SMOG
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown
Expense Analysis

Peer Group Rules-Based
Global Equity ETFs
# of ETFs 191
Avg. Expense Ratio 55.4 bp
Std. Deviation 17.5 bp
SMOG (61 bp) Percentile rank 63
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
SMOG 61.0 67.5 128.5
Peer Avg. 56.6 40.2 96.8
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .